Regulation
French securities regulator warns investors against crypto exchange Bybit
The French securities regulator has issued a new warning against crypto exchange Bybit, urging customers to “make arrangements in the event that the platform [may] suddenly stop providing services” to customers in France.
In a notice from Thursday, the Financial Markets Authority (AMF) indicated that the exchange was not registered as a digital asset service provider (DASP) and was therefore offering its services illegally in France. Bybit has been blacklisted by the AMF since May 20, 2022 for illegal exploitation.
The notice appears to allude to a possible future coercive measure against the platform, reminding investors that the AMF “reserves the right, under the terms of the Monetary and Financial Code, to take legal action to block the website of this platform” and that retail investors should “take all necessary measures to avoid being unable to access their assets”.
The AMF warning echoes a similar warning against Bybit issued by Hong Kong’s financial regulator: in March, the Securities and Futures Commission (SFC) added Bybit to its list of suspicious crypto exchanges and warned the public that the exchange is not authorized.
Bybit did not respond to CoinDesk’s request for comment at the time of publication.